According to the latest report coming in, Intex Technologies has officially bought the Rajkot team to be played in the upcoming season of Indian Premier League 2016.
Pune and Rajkot have now replaced the suspended Chennai Super Kings and Rajasthan Royals teams within two years of the contract; IPL confirmed on Twitter. However, both the suspended teams will stand a chance to return after completing two years suspension.
Indian smartphone company Intex Technologies will shell out Rs.10 crores for Rajkot, whereas Sanjiv Goenka’s New Rising consortium will pay for Pune.
The auction took place on the basis of reverse bidding, in which Rs. 40 core was a base cost. As a result, the bidders offering amount less than the base value were handed over the franchises.
According to BCCI secretary Anurag Thakur, BCCI will not be paying any amount to the owners. In fact, they will be paying money to BCCI.
Intex, being the third largest smartphone company in India followed by Samsung and Micromax has 9.2 % market share in the smartphone business.